Lynas Rare Earths has posted a record full-year result on demand for minerals used in mobile phones, car batteries, industrial equipment and fighter jets.
Shares in the world's largest rare earth processor outside of China rose 16 cents or 1.8 per cent to $9.08 in morning trade on Friday.
Net profit after tax was $540.8 million in the 12 months to June, up 244 per cent from $157.1 million a year earlier.
Earnings before interest, taxes, depreciation and amortisation was $601.2 million, almost triple the $235.3 million in 2021.
Revenue surged to a record $920 million, up from $489 million a year earlier.
"Lynas is well positioned to continue to grow with the market as a supplier of choice to 2025 and beyond," managing director and CEO Amanda Lacaze said in a statement.
The record result in a growing rare earths market came off the back of high prices that were sustained in the second half of the year.
Ms Lacaze said Lynas had faced challenges including shipping delays, input cost increases, water supply issues and the COVID-19 pandemic.
Lynas is expanding its Mt Weld mine and concentration plant and building a processing facility in Kalgoorlie, bringing its investment in the critical minerals capacity of the region to $1 billion.
"Closing cash at $965.6 million allows us to confidently progress our various growth initiatives," she said.
The projects would support the further growth and development of non-China supply, including the re-establishment of a rare earths supply chain in the United States, she said.
